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The Timken Company (NYSE: TKR), Canton, OH, today reported sales of $4.1 billion for 2010, an increase of 29 percent from the prior year. Profit was $274.8 million, compared to a year-ago loss of $134 million.
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For the quarter ended Dec. 31, 2010, sales were $1.1 billion, an increase of 38 percent over the same period in 2009. Profit was $90.3 million, compared to year-ago loss of $20.2 million.
Timken's Bearings and Power Transmission Group posted sales of $2.8 billion in 2010, up 13 percent from the prior year. The group earned $383 million before interest and taxes (EBIT) during the year, an increase of 73 percent from 2009. The group's fourth-quarter 2010 sales were $721.8 million, up 17 percent from the 2009 comparison. EBIT in the fourth quarter was $94.6 million, up 32 percent.
Mobile Industries' sales were $1.6 billion in 2010, up 25 percent from $1.2 billion a year ago. Mobile Industries achieved record EBIT of $223.5 million for the year, up significantly from $30.5 million earned in 2009. Fourth-quarter sales were $388.6 million, compared with $324.6 million in sales the same period last year. EBIT in the fourth quarter was $52 million, up from $31.1 million earned in the fourth quarter of 2009.
Sales for the Process Industries segment were $903.4 million in 2010, an increase of 12 percent from $808.7 million a year ago. Process Industries generated $138.2 million in EBIT for the year, up 17 percent. Fourth quarter 2010 sales were $250.7 million, compared with $189.6 million in the fourth quarter last year, and EBIT was $45.2 million, up 89 percent.
The Aerospace and Defense segment reported sales of $338.3 million in 2010, down 19 percent from $417.7 million a year ago. The segment's 2010 EBIT fell to $21.2 million, compared with $72.5 million a year ago. Sales fell 17 percent to $82.5 million in fourth quarter. The business incurred a loss of $2.6 million for the quarter, versus EBIT of $16.6 million a year ago.
Timken's Steel Group posted 2010 sales of $1.4 billion, up 90 percent over 2009 sales. EBIT income was $146.3 million in 2010, compared with a loss of $57.9 million in 2009. The Steel Group recorded $379.8 million in sales in the fourth quarter, up 119 percent from the prior year's fourth quarter. EBIT was $42 million, up from last year's fourth-quarter EBIT of $2.5 million.